POWERSECURE INTERNATIONAL, INC. - FORM 8-K - EX-99.1

Attached files

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8-K - FORM 8-K - POWERSECURE INTERNATIONAL, INC.	d503501d8k.htm
EX-99.2 - EX-99.2 - POWERSECURE INTERNATIONAL, INC.	d503501dex992.htm
EX-99.3 - EX-99.3 - POWERSECURE INTERNATIONAL, INC.	d503501dex993.htm

Exhibit 99.1

PowerSecure International, Inc.

Consolidated Statements of Income (unaudited)

Supplemental Financial Information Issued for 2012 Quarterly and Full Year Periods with Restructuring and cost reduction charges

GAAP Results

($000’s except per share data, some rounding throughout)


	Three Months Ended												GAAP
	GAAP March 31, 2012			GAAP June 30, 2012			GAAP September 30, 2012			GAAP December 31, 2012			Year Ended December 31, 2012
Revenue		33,185			37,867			44,236			46,751			162,039
Cost of sales		23,630			25,663			30,360			31,300			110,953

Gross Profit		9,555			12,204			13,876			15,451			51,086

Operating expenses
General and administrative		8,645			9,093			9,012			9,451			36,201
Selling, marketing, and service		1,058			1,366			1,615			1,521			5,560
Depreciation and amortization		1,085			1,136			1,211			1,348			4,780
Restructuring and cost reduction charges		0			0			1,548			1,127			2,675

Total operating expenses		10,788			11,595			13,386			13,447			49,216

Operating income (loss)		(1,233	)		609			490			2,004			1,870
Other income (expense)
Gain on sale of unconsolidated affiliate		0			1,439			0			0			1,439
Equity income		0			0			0			0			0
Management fees		0			0			0			0			0
Interest income and other income		22			23			22			21			88
Interest expense		(108	)		(116	)		(114	)		(111	)		(449	)

Income (loss) before income taxes		(1,319	)		1,955			398			1,914			2,948
Income tax expense (benefit)		(393	)		621			119			503			850

Net income (loss) from continuing operations		(926	)		1,334			279			1,411			2,098
Discontinued operations - income from operations (net of tax)		35			32			11			0			78
Discontinued operations - gain on sale (net of tax)		0			0			0			0			0

Net income (loss)		(891	)		1,366			290			1,411			2,176
Net loss (income) attributable to noncontrolling interest		288			277			192			145			902

Net income (loss) attributable to PowerSecure International, Inc.		(603	)		1,643			482			1,556			3,078

Summary of Amounts Attributable to PowerSecure International, Inc. shareholders
Income from continuing operations (net of tax)		(638	)		1,611			471			1,556			3,000
Income from discontinued operations (net of tax)		35			32			11			0			78

Net income (loss) attributable to PowerSecure International, Inc.		(603	)		1,643			482			1,556			3,078

EARNINGS PER SHARE AMOUNTS (“E.P.S”) ATTRIBUTABLE TO POWERSECURE INTERNATIONAL, INC. SHAREHOLDERS:
Continuing Operations
Basic		(0.03	)		0.09			0.03			0.08			0.16

Diluted		(0.03	)		0.09			0.03			0.08			0.16

Discontinued Operations
Basic		0.00			0.00			0.00			0.00			0.00

Diluted		0.00			0.00			0.00			0.00			0.00

Net Income
Basic		(0.03	)		0.09			0.03			0.08			0.16

Diluted		(0.03	)		0.09			0.03			0.08			0.16

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		18,902			18,846			18,676			18,306			18,681

Diluted		18,902			18,941			18,793			18,487			18,818

PowerSecure International, Inc.

Consolidated Statements of Operations (unaudited)

Supplemental Financial Information Issued for 2012 Quarterly and Full Year Periods with Restructuring and cost reduction charges

Non-GAAP Pro-forma Measures Excluding Restructuring and cost reduction charges, WaterSecure, and PowerPackages Results

($000’s except per share data, some rounding throughout)


	Three Months Ended																																				GAAP						Non- GAAP
				WaterSecure,			Non-						WaterSecure,			Non-						WaterSecure,			Non-						WaterSecure,			Non-			Year			WaterSecure,			Year
	GAAP			PowerPackages,			GAAP			GAAP			PowerPackages,			GAAP			GAAP			PowerPackages,			GAAP			GAAP			PowerPackages,			GAAP			Ended			PowerPackages,			Ended
	March 31,			Restructuring			March 31,			June 30,			Restructuring			June 30,			Sept 30,			Restructuring			Sept 30,			Dec 31,			Restructuring			Dec 31,			Dec 31,			Restructuring			Dec 31,
	2012			Charges			2012			2012			Charges			2012			2012			Charges			2012			2012			Charges			2012			2012			Charges			2012
Revenue		33,185						33,185			37,867						37,867			44,236						44,236			46,751						46,751			162,039						162,039
Cost of sales		23,630						23,630			25,663						25,663			30,360						30,360			31,300						31,300			110,953						110,953

Gross Profit		9,555			0			9,555			12,204			0			12,204			13,876			0			13,876			15,451			0			15,451			51,086			0			51,086

Operating expenses
General and administrative		8,645						8,645			9,093						9,093			9,012						9,012			9,451						9,451			36,201						36,201
Selling, marketing, and service		1,058						1,058			1,366						1,366			1,615						1,615			1,521						1,521			5,560						5,560
Depreciation and amortization		1,085						1,085			1,136						1,136			1,211						1,211			1,348						1,348			4,780						4,780
Restructuring and cost reduction charges		0						0			0						0			1,548			(1,548	)		0			1,127			(1,127	)		0			2,675			(2,675	)		0

Total operating expenses		10,788			0			10,788			11,595			0			11,595			13,386			(1,548	)		11,838			13,447			(1,127	)		12,320			49,216			(2,675	)		46,541

Operating income (loss)		(1,233	)		0			(1,233	)		609			0			609			490			1,548			2,038			2,004			1,127			3,131			1,870			2,675			4,545
Other income (expense)
Gain on sale of unconsolidated affiliate		0						0			1,439			(1,439	)		0			0			0			0			0			0			0			1,439			(1,439	)		0
Equity income		0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Management fees		0			0			0			0			0			0			0			0			0			0			0			0			0			0			0
Interest income and other income		22						22			23						23			22						22			21						21			88						88
Interest expense		(108	)					(108	)		(116	)					(116	)		(114	)					(114	)		(111	)					(111	)		(449	)					(449	)

Income (loss) before income taxes		(1,319	)		0			(1,319	)		1,955			(1,439	)		516			398			1,548			1,946			1,914			1,127			3,041			2,948			1,236			4,184
Income tax expense (benefit)		(393	)		0			(393	)		621			(457	)		164			119			463			582			503			296			799			850			302			1,152

Net income (loss) from continuing operations		(926	)		0			(926	)		1,334			(982	)		352			279			1,085			1,364			1,411			831			2,242			2,098			934			3,032
Discontinued operations - income from		35			(35	)		0			32			(32	)		0			11			(11	)		0			0			0			0			78			(78	)		0
Discontinued operations - gain on sale (net of tax)		0			0			0			0			0			0			0			0			0			0			0			0			0			0			0

Net income (loss)		(891	)		(35	)		(926	)		1,366			(1,014	)		352			290			1,074			1,364			1,411			831			2,242			2,176			856			3,032
Net loss (income) attributable to noncontrolling interest		288						288			277						277			192						192			145						145			902						902

Net income (loss) attributable to PowerSecure
International, Inc.		(603	)		(35	)		(638	)		1,643			(1,014	)		629			482			1,074			1,556			1,556			831			2,387			3,078			856			3,934

Summary of Amounts Attributable to PowerSecure International, Inc. shareholders
Income from continuing operations (net of tax)		(638	)		0			(638	)		1,611			(982	)		629			471			1,085			1,556			1,556			831			2,387			3,000			934			3,934
Income from discontinued operations (net of tax)		35			(35	)		0			32			(32	)		0			11			(11	)		0			0			0			0			78			(78	)		0

Net income (loss) attributable to PowerSecure		(603	)		(35	)		(638	)		1,643			(1,014	)		629			482			1,074			1,556			1,556			831			2,387			3,078			856			3,934

EARNINGS PER SHARE AMOUNTS (“E.P.S”) ATTRIBUTABLE TO POWERSECURE INTERNATIONAL, INC. SHAREHOLDERS:
Continuing Operations
Basic		(0.03	)		0.00			(0.03	)		0.09			(0.05	)		0.03			0.03			0.06			0.08			0.08			0.05			0.13			0.16			0.05			0.21

Diluted		(0.03	)		0.00			(0.03	)		0.09			(0.05	)		0.03			0.03			0.06			0.08			0.08			0.04			0.13			0.16			0.05			0.21

Discontinued Operations
Basic		0.00			(0.00	)		0.00			0.00			(0.00	)		0.00			0.00			(0.00	)		0.00			0.00			0.00			0.00			0.00			(0.00	)		0.00

Diluted		0.00			(0.00	)		0.00			0.00			(0.00	)		0.00			0.00			(0.00	)		0.00			0.00			0.00			0.00			0.00			(0.00	)		0.00

Net Income
Basic		(0.03	)		(0.00	)		(0.03	)		0.09			(0.05	)		0.03			0.03			0.06			0.08			0.08			0.05			0.13			0.16			0.05			0.21

Diluted		(0.03	)		(0.00	)		(0.03	)		0.09			(0.05	)		0.03			0.03			0.06			0.08			0.08			0.04			0.13			0.16			0.05			0.21

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		18,902			18,902			18,902			18,846			18,846			18,846			18,676			18,676			18,676			18,306			18,306			18,306			18,681			18,681			18,681

Diluted		18,902			18,902			18,902			18,941			18,941			18,941			18,793			18,793			18,793			18,487			18,487			18,487			18,818			18,818			18,818

Attached files

POWERSECURE INTERNATIONAL, INC. Reports

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